@bctxprop:
Any update on the results?
I am having exactly the same problem with a much smaller EF125. I've been through at least 5 belt pairs, and I have replaced the spindle bearings and pulleys once at my own expense (around $250).
The belts get around one hour of useful mowing before they burn up. Sometimes I smell the smoke and stop the PTO in time to save them, but at other times they burn up suddenly and leave coffee grounds inside the belt cover. I have not bought matched pairs, but they have been Kevlar-quality A38/4L400 belts ($15 - $30 each).
Like your case, all bearings are greased and the gear oil is full and clean. Both pulleys turn freely in both directions with no noise or obstruction if the PTO shaft and belts are removed. I am going through 2-foot high grass on flat ground (no hills, shrubbery, rocks, tree limbs, or stumps), and the mower is set as high as it can go relative to the roller. This is also in South Texas.
The belts burning does not occur exactly at the time when taller or thicker grass is being cut, but occurs randomly in increasing probability with time. It seems like they are heating up until they burn up. The pulleys look aligned with eyeball judgment, but I need to use a level and make them perfectly aligned. Except for burning one pair of belts, the pulleys are brand new. I replaced the originally installed pulleys after several burned belts.
I've been on the phone with BETSTCO for many hours. The only thing that they say which could be causing it, is a bad hydrostatic transmission, but I don't think that's it. Even so, the hydrostatic system is undergoing a complete checkup right now.
One thing that the BETSTCO rep told me to do, is what he termed "Pac-Man": Make the top-pin longer so that the mower curves inward -- the tractor side of the mower is much higher than the roller side, rather than the mower being mostly level on the ground. This should help reduce clumping and lighten the load on the belts. This suggestion helped a little bit, but it did not stop the belts from eventually burning up.
I'll clean the pulley grooves and realign the pulleys, and maybe experiment with belts slightly different from A38 / 4L400 with 1/2" top width.
I would not buy this brand again (BETSTCO / Farmer Helper), since it has been nothing but trouble, from repeated burning belts to bad assembly instructions (such as an arrow sticker on the driveline pointing in the wrong direction, making the shear bolt go on the implement side instead of on the tractor side).